He added: This parcel, they happened to get at the right time and could approach it as less of a commodity-based podium building. They bought it before the market went from 300 to 600 a foot for the dirt. Also, codes for retrofitting masonry buildings like the warehouse that existed on the site have become increasingly stringent. That can add to the cost of a renovation. You think of industrial when you think of this neighborhood, but renovation is often more expensive than new construction, Mr. Johnson, the consultant, said.